What is MyBank?
MyBank is an online payment solution enabling secure digital transactions and identity verification directly from users’ own bank accounts. Established in Europe, MyBank facilitates real-time payments by connecting consumers and businesses with their banks through an immediate bank transfer infrastructure. It supports payments in EUR and is utilized for e-commerce, public services, and B2B transactions. MyBank does not store sensitive payment data; all transactions occur via the user’s online banking interface, enhancing security and privacy. Over 150 banks and payment service providers across Europe are linked to MyBank, making it a widely accepted choice for businesses seeking safe, SEPA-compliant payments.
How to use MyBank?
- Choose MyBank at checkout.
- Select your participating bank from the list.
- Log in to your online banking portal.
- Review and confirm the payment details.
- Authorize the payment as instructed by your bank.
- Receive transaction confirmation instantly.
The pro's of using MyBank
- No need to share card details; transactions occur within trusted online banking.
- Real-time transfer and confirmation streamline payments for merchants and users.
- Supports strong customer authentication, enhancing payment security.
- SEPA compliance ensures reliability across the eurozone.
- Widely compatible with European banks and payment service providers.
The con's of using MyBank
- Only supports transactions in EUR; not suitable for non-euro payments.
- Limited to participating banks, potentially restricting access for some users.
- Availability is primarily in Europe; global usage is limited.
- No chargeback mechanism, reducing recourse in case of payment disputes.